Building a Better Customer Experience

The study shows a tremendous spike in new account openings initiated on mobile devices, which jumped 60 percent from 2013 to 2014. Additionally, of U.S. consumers seeking to open new accounts this year, 70 percent of checking account applicants and 80 percent of credit card applicants reported they prefer to submit their applications online or with a mobile device.

The Javelin study identified three key customer segments, Moneyhawks®, Emergents and Traditionalists, and found that the most profitable customers prefer to do business with financial institutions online, but expect a quick, safe and seamless experience.

Protecting Customers and ROI: Combating Fraud

While offering a smooth digital account opening experience is critical, fraud risk is an important concern for businesses. The total cost of fraud with new bank account openings reached $2 billion in 2014. Additionally, data breach notifications in the U.S. more than tripled in 2014, affecting nearly 62 million consumers, up from 24 million the previous year. According to the study, Javelin notes it anticipates there will be a spike in new account fraud.

To see Javelin’s top recommendations for financial institutions and to learn more about the study download the complete white paper, “Making Digital Account Opening Simpler, Safer and Seamless.”

About ID Analytics, LLC

ID Analytics is a leader in consumer risk management with patented analytics, proven expertise and real-time insight into consumer behavior. By combining proprietary data from the ID Network® — one of the nation’s largest networks of cross-industry consumer behavioral data—with advanced science, ID Analytics provides in-depth visibility into identity risk and creditworthiness. Every day, many of the largest U.S. companies and critical government agencies rely on ID Analytics to make risk-based decisions that enhance revenue, reduce fraud, drive cost savings and protect consumers. ID Analytics is a wholly-owned subsidiary of LifeLock, Inc. Please visit us at www.idanalytics.com.